Dimon Takes a 'Whale' of a Pay Cut

J.P. Morgan Chase & Co. directors cut Chief Executive James Dimon's pay by 50% for 2012, as the board took management to task for a trading debacle that cost the nation's largest bank more than $6 billion.

The move came as the New York company posted record 2012 net income of $21.3 billion.

The pay cut ends Mr. Dimon's reign as king of Wall Street CEO compensation. Mr. Dimon's pay was set at $11.5 million, down from...